We have today a hybrid of two forms of banking – loan banking (non-inflationary) and deposit banking (inflationary if not 100% reserve holdings).  The cause of booms is the credit expansion by central banks that is not backed by pools of private savings.

Competition can mean rivalry or freedom. All firms must serve the preferences of consumers in order to exist. Monopoly has historically been an artificial privilege granted by the state.

Causal-realist analysis allows imaginary constructs like the ERE- Evenly Rotating Economy- in order to isolate certain factors like interest.  There would be no profit or loss in the ERE, because those can only exist under conditions of uncertainty.